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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

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Results for pten
FlashRatingsHOT
31 Mar 15 09:27:54
$PTEN has 4 analyst ratings in the last 2 days and 75% are positive. Median target: $22 https://t.co/ONDSMGw35z #PTEN
Market Int Center
31 Mar 15 08:30:06
Patterson UTI Energy $PTEN Trading Near $18.13 Support Level ( http://t.co/RK3J31KTCe )
Mark Trader
31 Mar 15 08:11:45
http://t.co/U0VrKn1h21 has the most reliable picks in the market. The move fast and never fail. $PTEN $NYCB $STLD $ING $LPI $CDE
stocktargetprices
31 Mar 15 07:44:01
$PTEN Wells Fargo upgrades to Outperform from Market Perform.
$IACI
31 Mar 15 06:47:30
Up/Downgrades $BRCD $DB $HZNP $IACI $NBR $NOV $PTEN $PES $PNM $PCLN $RS $RMP $SKUL $TEVA $VA $WPT $AUY $ZAGG $ZBRA… http://t.co/YYSjpvieue
Clark Joseph Kent
31 Mar 15 06:37:37
Up/Downgrades $BRCD $DB $HZNP $IACI $NBR $NOV $PTEN $PES $PNM $PCLN $RS $RMP $SKUL $TEVA $VA $WPT $AUY $ZAGG $ZBRA http://t.co/cC4rbDM0Qr
Media Sentiment
31 Mar 15 05:54:14
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 125
Stock Market Picks
31 Mar 15 05:52:56
$PES $NBR $PTEN upgraded by Wells Fargo from Market Perform to Outperform. http://t.co/yipJpHSzxe $SPY $DIA $QQQ #stocks #pennystock #penny
US Banking News
31 Mar 15 05:14:18
Patterson-UTI Energy Upgraded by Wells Fargo & Co. to “Outperform” $PTEN http://t.co/FW17CFcVbr
Oil Stock Trader
31 Mar 15 05:14:08
Wells Fargo upgrading drillers $PTEN $NBR $PES today. Didn't see one for $HP. And they put a downgrade on $SLB. Interesting.
Ticker Report
31 Mar 15 04:56:16
Patterson-UTI Energy Upgraded by Wells Fargo & Co. to “Outperform” $PTEN http://t.co/CtaPpd8TDS
Media Sentiment
31 Mar 15 04:35:13
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 67
Sleek Money
31 Mar 15 04:35:08
Patterson-UTI Energy Stock Rating Upgraded by Wells Fargo & Co. $PTEN http://t.co/NShmLrTg6F
US Consumer News
31 Mar 15 04:31:45
Patterson-UTI Energy upgraded by Wells Fargo & Co. to outperform. http://t.co/85sipazBsd $PTEN #PTEN
Analyst Ratings
31 Mar 15 04:30:41
Patterson-UTI Energy upgraded by Wells Fargo & Co. to outperform. http://t.co/CiFAxnqIAI $PTEN #PTEN
MICHAEL FILLOON
30 Mar 15 19:57:28
Patterson-UTI by Howard Weil to sector perform. http://t.co/CpOK4cPypr $PTEN #PTEN via @RatingsNetwork http://t.co/wQxRXd7fof #oil #energy
Media Sentiment
30 Mar 15 16:53:48
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 381
Vic Scherer
30 Mar 15 16:50:47
Lots of energy stocks with conspicuous breakout levels far below their 200. $PTEN $RES $SPN $FET more
Irma Doucet
30 Mar 15 15:31:12
$PTEN Patterson-UTI Energy: Strong Relative Upside Potential (PTEN) http://t.co/XnfRChOn5D
Thomas Collins
30 Mar 15 15:31:09
$PTEN Patterson-UTI Energy Stock Rating Lowered by Howard Weil (PTEN) http://t.co/F5nGDeWVMk
FlashRatingsHOT
30 Mar 15 15:24:24
$PTEN has 3 analyst ratings today and 100% are positive. Median target: $22 https://t.co/ONDSMGw35z #PTEN
Thomas Collins
30 Mar 15 07:32:29
$PTEN Patterson-UTI Energy Lowered to Sector Outperform at Howard Weil (PTEN) http://t.co/dBrUf6pN5A
Peter Bardens
30 Mar 15 07:32:25
$PTEN One Reason Patterson-UTI Energy (PTEN) Stock Is Tanking Today http://t.co/jBrYKTKyOM
US Banking News
30 Mar 15 07:04:58
Patterson-UTI Energy Cut to Sector Outperform at Howard Weil $PTEN http://t.co/7h2E3n1kRs
Ticker Report
30 Mar 15 06:55:14
Patterson-UTI Energy Cut to Sector Outperform at Howard Weil $PTEN http://t.co/PTYk5KEtRN
WKRB News
30 Mar 15 06:50:43
Patterson-UTI Energy Lowered to Sector Outperform at Howard Weil $PTEN http://t.co/KZzDbUFySQ
Donald J Olive
30 Mar 15 06:44:54
RT @Briefingcom: $PTEN: Scotia Howard Weil cuts to Sector Outperform
Market Int Center
30 Mar 15 06:34:24
Patterson UTI Energy $PTEN Trading Near $18.09 Support Level ( http://t.co/umLYCX5tkN )
Media Sentiment
30 Mar 15 06:30:27
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 129
Analyst Ratings
30 Mar 15 06:29:27
Patterson-UTI Energy downgraded by Howard Weil to sector outperform. http://t.co/Fc17EZuaii $PTEN #PTEN
US Consumer News
30 Mar 15 06:29:25
Patterson-UTI Energy downgraded by Howard Weil to sector outperform. http://t.co/l1z6V37Hst $PTEN #PTEN
US Stock Ratings
30 Mar 15 06:27:02
Scotia Howard Weil downgrades $PTEN from Focus Stock to Sector Outperform http://t.co/VPACdgIflU
The Legacy News
30 Mar 15 06:26:07
Patterson-UTI Energy Stock Rating Lowered by Howard Weil $PTEN http://t.co/JTwms1Gtoe
Binary Signals
30 Mar 15 06:25:17
RT @Briefingcom: $PTEN: Scotia Howard Weil cuts to Sector Outperform
Briefing.com
30 Mar 15 06:19:12
$PTEN: Scotia Howard Weil cuts to Sector Outperform
12Stocks.com
30 Mar 15 03:03:27
Weekly MidCap #Stocks Trend $SIG $WWAV $OLN $LXK $FLO $CNK $TOL $AYI $SM $EXP $DWA $XLS $NEU $AOS $PTEN $WEX @ http://t.co/H27z0IZ4hK
12Stocks.com
30 Mar 15 03:03:08
Weekly MidCap #Stocks Performance $NSR $CLF $SM $SIG $X $WWAV $OLN $PTEN $LXK $CMC $SPN $HLX $TUP $EXP more@ http://t.co/H27z0IZ4hK
Mark Trader
29 Mar 15 12:01:19
http://t.co/U0VrKn1h21 has the most reliable picks in the market. The move fast and never fail. $PTEN $NYCB $STLD $ING $LPI $CDE
ProTradersNews
28 Mar 15 13:50:02
$PTEN: Short Interest in Patterson-UTI Energy Expands By 35.9% (PTEN): http://t.co/drwoCxBbR9
WKRB News
28 Mar 15 13:43:25
Short Interest in Patterson-UTI Energy Expands By 35.9% $PTEN http://t.co/eNEMZzB0jQ
Mike Mustafoglu
28 Mar 15 08:56:54
10-Day / 21-Day Bullish Moving Average Cross $BHI $CRZO $HAL $PTEN $RRC $WMB
Mark Trader
28 Mar 15 08:40:37
http://t.co/U0VrKn1h21 has the most reliable picks in the market. The move fast and never fail. $PTEN $NYCB $STLD $ING $LPI $CDE
12Stocks.com
28 Mar 15 04:11:47
Weekly MidCap #Stocks Trend $SIG $WWAV $OLN $LXK $FLO $CNK $TOL $AYI $SM $EXP $DWA $XLS $NEU $AOS $PTEN $WEX @ http://t.co/H27z0IZ4hK
12Stocks.com
28 Mar 15 04:11:30
Weekly MidCap #Stocks Performance $NSR $CLF $SM $SIG $X $WWAV $OLN $PTEN $LXK $CMC $SPN $HLX $TUP $EXP more@ http://t.co/H27z0IZ4hK
Breaking News
27 Mar 15 23:25:02
$PTEN: Short Interest in Patterson-UTI Energy Grows By 35.9% (PTEN): http://t.co/lLHOl5gcPa
FinSentS NASDAQ
27 Mar 15 16:38:53
$PTEN:US Patterson-UTI Energy Sees Large Growth in Short Interest (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/eRpK8pyEXa #NASDAQ
12Stocks.com
27 Mar 15 16:04:07
MidCap #Stocks Trend $OLN $FLO $WWAV $CNK $SIG $LXK $TOL $AYI $SM $DWA $EXP $XLS $AOS $NEU $WEX $PTEN $ASNA @ http://t.co/H27z0IZ4hK
Kim Forman
27 Mar 15 15:38:51
RT @engage_iies: Congratulations to Michigan State University! Winners of the Stick Pitch Competition $pten Patterson UTI #CNBCTradeSchool …
John Turner
27 Mar 15 15:06:53
$PTEN One Reason Patterson-UTI Energy (PTEN) Stock Is Tanking Today http://t.co/1omwDtb1ZZ
dailystockplays.com
27 Mar 15 13:49:09
Long Legged Doji http://t.co/SPbsLKod1J $VWO $KGC $COP $SLM $OIH $KEG $PTEN $ADM $BHI $KSS $CREE $RVBD $BSMX $MMC $BBVA $SJNK $EWU $INFA
				
				
By  +Follow October 4, 2013 8:22AM
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